NEWSFLASH: The 30-Year Treasury Auction "Disaster" Was Good News

Rick Santelli gave the
30-year Treasury auction an "F-" because the bid jumped so
much, and the yield to cover was pretty unimpressive.

But here's the thing: It's a BAD sign when everyone is lining up
at the trough to lock their money up for 30 years at a
ridiculously low (by historical standards) yield. That means
people think we're becoming Japan, and don't see any other
investment opportunities.

When yields were all plummeting, everyone waved their hands and
yelled: WE'RE JAPAN! DEFLATION!

Now everyone's yelling: INFLATION! BOND VIGILANTES!

Please.

Update: Hilariously, the yield is already back
to where it was pre-auction. So the hyperventilating really was
pointless.